MONTREAL--(BUSINESS WIRE)--Dynacor Gold Mines Inc. (TSX: DNG) (OTC: DNGDF) (Dynacor or the Corporation) is pleased to announce today that its Board of Directors (Board) has approved the initiation of quarterly cash dividends to its shareholders and the declaration of the first cash dividend in the company's history. The dividend of CAD$ 0.01 per common share, is payable on October 1, 2018 to shareholders of record on September 20, 2018.
Dynacor is one of the largest ore purchasing processors in Peru. With its new ore processing facility operating at near full capacity, the Corporation is forecasting 2018 to be its best year on record. Dynacor’s stable business model is proven to withstand the volatility of the gold price. The Corporation is free of debt, in a healthy financial situation and working towards its 30th consecutive quarter of profits.
President and CEO Jean Martineau states, “Our team has worked very hard to build the Corporation to what it is today. Our solid financial situation and leadership position in our market tells us the time is right to begin what we believe will be a lasting quarterly dividend payment initiative. We have a strong shareholder base that has loyally provided their support over the years. I am especially pleased to say that this long-awaited dividend declaration together with the Corporation’s recently announced share repurchase program are part of our strategic plan to maximize returns to our deserving shareholders.”
The declaration and payment of dividends is at the discretion of the Board and will depend on the Corporation’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
The Corporation’s dividend payments will qualify as an ‘eligible dividend’ for Canadian income tax purposes.
ABOUT DYNACOR GOLD MINES INC.
Dynacor Gold Mines Inc. is a gold production corporation headquartered in Montreal, Canada. The corporation is engaged in production through its government approved ore processing operations. At present, Dynacor produces and explores in Peru where its management team has decades of experience and expertise. In 2017, Dynacor produced 79,897 ounces of gold, a 9% increase as compared with 2016 (73,477 ounces). Dynacor trades on the Toronto Stock Exchange (DNG) and the OTC in the United States under the symbol DNGDF.
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc. (TSX: DNG)
Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold
Facebook: facebook.com/DynacorGoldMines
2018
Dynacor Gold Mines Inc. (Dynacor)
Symbol: DNG
Toronto Stock Exchange (TSX)
OTC: DNGDF
Shares outstanding: 39,713,877